u003cpu003eThese days, all the focus of the world is on Chinau0026rsquo;s economic success. Mauritius is also living a new era of economic cooperation and development with China-the new dragon of Asia. Mauritius enjoys a number of benefits from China, especially the financing of multiple national infrastructural projects. The major one has been the new Airport financed and constructed with Chinese expertise. Another good news is that there is no visa requirement for a duration of 30 days. This initiative clearly shows the privileged relationship that Mauritius has with China. This article will seek to understand the Chinese economyu0026rsquo;s success ingredients.u003c/pu003eu003cpu003eKey facts about Chinau003c/pu003eu003cp style=margin-left:8.5pt;\u003eu0026bull;u0026nbsp; Has a population of about 1.3 billionu003c/pu003eu003cp style=margin-left:8.5pt;\u003eu0026bull;u0026nbsp; Economic growth of 8%u003c/pu003eu003cp style=margin-left:8.5pt;\u003eu0026bull;u0026nbsp; Still a developing economyu003c/pu003eu003cp style=margin-left:8.5pt;\u003eu0026bull;u0026nbsp; Many minority ethnic origins (about 28)u003c/pu003eu003cp style=margin-left:8.5pt;\u003eu0026bull;u0026nbsp; Major Trading Partners: US, Hong Kong and Japan.u003c/pu003eu003cpu003eUntil the 1970s, Chinau0026rsquo;s economy was managed by the communist government and was kept closed from other economies. Together with political reforms, China in the early 1980s began to open its economy and signed a number of regional trade agreements. China gained observer status with GATT and from 1986, began working towards joining that organization. China attempted to become a founding member of the WTO, seeking recognition as a world economic power. This attempt failed because the United States as well as the European states and Japan requested changes in the Chinese economy before accepting it as a member. These conditions included tariff reductions, open markets and industrial policies.u003c/pu003eu003cpu003eu003cstrongu003eChina and Mauritius: socio-economic tiesu003c/strongu003eu003c/pu003eu003cpu003eIt is not a secret for anyone that China shares a special bond with Mauritius for many decades. Mauritius has now direct flights to Shanghai and Beijing as our economic and social ties have bolstered. Mauritius imports many products from China-food, clothing, technology, footwear and electronic products. We have many Chinese workers working in the Mauritian textiles and mostly in the construction industry. MCB has also introduced the China Unionpay card to facilitate transactions of importers visiting China on a regular basis for the purpose of trade.This also explains the conference by the Leader of MMM relating to u0026lsquo;China and Democracyu0026rsquo;.u003c/pu003eu003cpu003eu003cstrongu003eThe economic reforms in Chinau003c/strongu003eu003c/pu003eu003cpu003eChina opened up to the world economy in the year 1978. China has witnessed 35 years of economic reform and reconstruction. However, the real liberalization was bolstered in the year 1995. The results are phenomenal as China has an economic growth of 8% despite the crisis and an unemployment rate of 4% in the cities. China has even registered economic growth of 20% during the past decade.u003c/pu003eu003cpu003eChina liberalized its economic policies and moved from traditional agricultural based economy to manufacturing and services. China is also known to be a low-cost economy which practices the Marxist economy. There are many Marxist schools in different Universities in China. However, the concept of Marxism has been changed to fit the new economic model.u003c/pu003eu003cpu003eChina has become the worldu0026#39;s biggest trading nation in goods, ending the post-war dominance of the US, according to official figures.u003c/pu003eu003cpu003eChinau0026#39;s customs administration said the combined total for imports and exports in Chinese goods reached $3.87tn (u0026pound;2.4tn) in 2012, edging past the $3.82tn trade in goods registered by the US commerce department.u003c/pu003eu003cpu003eThe landmark total for Chinese trade indicates the extent of Beijingu0026#39;s dependence on the rest of the world to generate jobs and income compared with a US economy that remains twice the size, and more self-contained. The US economy is worth $15tn compared with the $7.3tn Chinese economy.u003c/pu003eu003cpu003eu003cstrongu003eChina and educational reformsu003c/strongu003eu003c/pu003eu003cpu003eu003cstrongu003eThe nationu0026rsquo;s treasure is in its scholars-Chinese Proverb.u003c/strongu003eu003c/pu003eu003cpu003eChina has invested a lot in terms of education especially at the tertiary level. The implementation of the 985 and the 211 Projects have been very useful in promoting quality education at the tertiary level. The 211 projects are the best Universities that receive the highest support from the government in terms of grants and research funding for projects. There is greater competition between universities to be amongst these two groups.u003c/pu003eu003cpu003eChina seeks to promote academic excellence at all levels of education u0026ndash;pre-primary till tertiary. National projects in different fields are promoted especially those aligned towards national economic priorities.u003c/pu003eu003cpu003eChina has also opened itself to Western education. Some foreign universities have established in China. The national budget for education has constantly increased over the years.u003c/pu003eu003cpu003eAlmost 4 million of students graduate from University annually (4 times the population of Mauritius). The quest for making China a learning nation is very fruitful as students from the whole world are studying in China. Many Mauritian students also study in China for costs reason but also the quality of education being provided.u003c/pu003eu003ch3 style=color: blue; text-align: center;\u003eAbout the authoru003c/h3u003eu003cdiv style=color: blue;\u003eMr. Randhir Roopchund is currently lecturer and Head of Department u0026ndash;Business and Management at Université des Mascareignes. He has extensive experience in teaching, working in the industry and also as Mentor. He has worked at State Bank Ltd, Air Mauritius, MITD amongst others.u003c/divu003e
China: the economic icon
